RBI lifts loan ban on UCO Bank

RBI lifts loan ban on UCO Bank

Daily Current Affairs   /   RBI lifts loan ban on UCO Bank

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Category : Business and economics Published on: September 10 2021

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·         The Reserve Bank of India has taken public sector lender UCO Bank out of the Prompt Corrective Action (PCA) framework on improving financial and credit profiles.

·         This decision gives more freedom to the bank to lend, especially to corporations, and to develop the network subject to the prescribed norms.

·         The Kolkata-based lender was placed under PCA in May 2017 due to high net net-performing assets (NPA) and negative return on assets (ROA).

Important facts

About RBI

v  Governor: Shaktikanta Das

v  Headquarters: Mumbai

v  Founder: British Raj

v  Founded: 1 April 1935, Kolkata

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